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Demolition And Construction of Stonecutters Place Apartments To Begin Soon
Updated July 23, 2014 6:47 AM
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(BEDFORD) - Demolition and construction of Stonecutters Place Apartments, a part of Bedford's Stellar projects will begin in the next few months.

According to Hoosier Uplands Chief Executive Officer David Miller, Federal Home Loan Bank of Indianapolis awarded the project a grant from its affordable housing program in the amount of $500,000.

Now will all the funding in place demolition and construction can begin.

The project will transform the old Carriage House Furniture building at 16th and K streets, as well as some adjoining properties, into 30 apartments.

The now-vacant Carriage House building, made of red brick, will be renovated. The building immediately to the east will be torn down, according to plans on file at City Hall, and a new building will wrap around part of the red brick structure like a capital "L."

The plans also call for 60 parking spaces and several amenities, including an elevator, laundry, exercise room, community room, free Wi-Fi and other features.

Hoosier Uplands is the developer of the project.

In February, the state approved $712,182 in federal tax credits, which are administered and managed by the Indiana Housing and Community Development Authority, for use on the project.

Miller says the credits represent an allotment over 10 years, translating into about $7.1 million.

Such credits are sold to investors, usually large corporations, that pay 85 to 90 cents or so on the dollar. So $7.1 million in tax credits could generate roughly $6 million that could be used for the renovation and construction.
Hoosier Uplands, which has done other projects with similar funding mechanisms, will obtain a construction loan to cover costs, with the tax credit income used to pay the loan.

In February, Lt. Gov. Sue Ellspermann announced that Stonecutters Place received a $400,000 loan from the state housing authority.

"There are no local tax dollars being used to fund this acquisition and construction," Miller said in a prepared statement.

The city also granted the project a tax abatement. Under that agreement, Stonecutters Place will pay no property taxes the first year, 10 percent of the tax the second year and so on for 10 years, when it is completely on the tax rolls.

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